Most Gulf shares gain on US-China tariff deal; Egypt snaps losing streak

Gulf equities ended higher on Monday as the U.S. and China agreed to temporarily slash harsh reciprocal tariffs while U.S. President Donald Trump's planned visit to Saudi Arabia and Gulf states on Tuesday also raised investor sentiment.

The U.S. will cut extra tariffs it imposed on Chinese imports in April to 30% from 145% and Chinese duties on U.S. imports will fall to 10% from 125%, the two countries said on Monday following talks in Geneva. The new measures are effective for 90 days.

Saudi Arabia's benchmark stock index (.TASI), opens new tab rose 1.3%, the sharpest rise in a month with almost all sectors in the green.

Saudi Aramco (2222.SE), opens new tab gained 2.2% after the world's top oil exporter reported a net profit of 97.54 billion riyals ($26.01 billion) in the first quarter on Sunday, beating a company-provided median estimate from 16 analysts of $25.36 billion.

Among other gainers, National Industrialization Co rose 1.1% after the petrochemical company posted a quarterly net profit compared to a net loss a year earlier.

Meanwhile, Saudi Arabia and the United States are set to discuss a number of blockbuster economic deals during Trump's visit on Tuesday, with the U.S. poised to offer Saudi Arabia an arms package worth well over $100 billion, sources have told Reuters.